JERUSALEM (JTA) — Israel’s economic and finance ministries approved a five-year grant of $300 million to the Intel Corp.
Intel also will receive a reduced corporate tax rate of 5 percent for 10 years, the Israeli business daily Globes reported.
Intel is set to invest about $6 billion in upgrading its chip manufacturing plant in Israel, which is located in the southern town of Kiryat Gat. The upgraded plant will employ an additional 1,000 people by 2023; some 2,500 already work there.
“We approved the biggest investment in the country’s history,” Economy Minister Naftali Bennett told Globes. “Without this grant, Intel would have carried out this large investment in other places, such as in Ireland or the U.S., where the red carpet had already been rolled out for it.”